Demonetization cash deposits: ITAT Orders Re-Verification for Diamond Dealer

V N Exports Vs ACIT (ITAT Ahmedabad) Income Tax Appellate Tribunal (ITAT) Ahmedabad Bench, in a recent ruling, has provided a significant directive concerning the assessment of unexplained cash deposits made during the demonetization period. The Tribunal has instructed the Assessing Officer (AO) to re-verify the books of accounts and cash sales records of V N Exports, a dealer in diamonds, gold jewelry, and bullion, effectively setting aside an earlier order that had confirmed substantial additions to the assessee’s income. The case pertains to the Assessment Year 2017-18, a period marke...